NEW YORK, March 3, 2021 /PRNewswire/ -- On a gasoline-equivalent basis, the per-gallon cost of compressed natural gas (CNG) in Europe ranges from $1.50 to $2.80. Compared to diesel and gasoline (petrol), this results in fuel cost savings of up to 75%. This is a key factor that will likely propel the global CNG and LPG vehicle market sales volume from 56.2 million units in 2019 to 102.3 million units by 2030, at a 5.9% CAGR between 2020 and 2030, according to P&S Intelligence.
Similarly, the per-gallon cost of liquefied petroleum gas (LPG) on a gasoline-equivalent basis is $2.00. This leads to almost 50% cost savings for every gallon of fuel. In addition, the CNG and LPG vehicle market is being driven by the lower greenhouse gas emissions of CNG than gasoline and diesel. Similarly, installing an LPG filling station is cheap, and LPG tanks are small, thus leaving more space for passengers and cargo inside the vehicle.
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The COVID-19 pandemic has almost stopped the CNG and LPG vehicle market growth in its tracks, as factory shutdowns have led to a slump in their production. Moreover, with restrictions on non-essential movement, the demand for transportation services has reduced significantly, which is why ride-hailing companies are not purchasing cars currently. Even individuals are not buying automobiles because of the widespread financial distress due to salary cuts and unemployment.
The CNG bifurcation is predicted to keep holding the larger share in the CNG and LPG vehicle market in the coming years, based on fuel type. Due to environmental concerns, the demand for CNG vehicles is growing around the world, especially in the emerging economies of Asia-Pacific (APAC).
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In the years to come, the bus category will grow the fastest in the CNG and LPG vehicle market, on the basis of vehicle type. With efforts on to reduce the rate of environmental degradation, many countries around the world are including CNG buses in their public transportation fleets. For instance, since December 2002, Delhi Transport Corporation (DTC) has been operating an all-CNG bus fleet, with orders for 1,000 more given in January 2021.
APAC is the largest CNG and LPG vehicle market presently owing to the growing automotive industry of Japan, China, India, and South Korea. The Latin America, Middle East, and Africa (LAMEA) region will witness the fastest increase in the sale of CNG and LPG vehicles in the near future, as the economic growth in Brazil, Mexico, and other developing countries here is allowing people to spend more on automobiles.
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Major players in the global CNG and LPG vehicle market are General Motors Co., Ford Motor Co., Toyota Motor Corporation, Fiat Chrysler Automobiles N.V., Tata Motors Ltd., Honda Motors Co. Ltd., Daimler AG, AB Volvo, Volkswagen AG, and Suzuki Motors Corp.
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